Did we just have a blowoff top in yields?
There was a 17 bps rise in US 5s in three hours followed by a complete wipeout in the last three hours.
The entire curve is now lower in the day.
Lower yields are a pre-condition for a bottom in risk assets and a top in the dollar. Watch these moves very closely because there could be some real-money FOMO in bonds — those yields are attractive.